ECR Minerals terminates earn-in option at Philippine gold mine
By Maryam Cockar
Date: Friday 26 Aug 2016
(ShareCast News) - Gold explorer ECR Minerals has terminated its earn-in option at its joint venture gold project in the Philippines with Tiger International Resources and Cordillera Tiger Gold Resources.
The company said that since a new government took office in the Philippines on 30 June, the new administration has "not adopted a supportive stance towards the mining industry" and so the company decided to terminate its interest in the Danglay project.
The AIM-listed company earned a 25% interest in the Danglay project, which is located at a gold and copper mining district in the north of the Philippines, and is now expected to amount to a 25% shareholding in Cordillera Tiger.
ECR Mining was the operator of the project and under the agreement with its partners it implemented exploration programmes at Danglay in 2014 and 2015. Last year, the company found a promising target for further exploration and an inferred mineral resource at the location.
Cordilla Tiger is still waiting on a renewal of an exploration permit, which includes the Danglay project, and will be required to provide proof of its financial capability to support the mine which amounts to about £270,000 over the next two years.
Stephen Clayson, who has been a director of Cordillera Tiger since 2007 expected to remain so.
Hence, he abstained from the Board's decision to terminate the earn-in option, with management announcing that he was to step down from the board of ECR Minerals effective from 30 August.
Shares in ECR Minerals were down 7.69% to 0.00600p at 1323 BST.
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